IMF chief economist to retire

Olivier Blanchard, the influential chief economist of the International Monetary Fund, has announced plans to retire this year, leaving a large hole in the world’s leading financial institution.

Financial Times reported that the Frenchman steered the IMF’s research through the global financial crisis and into the recovery, and gained a reputation for challenging the fund’s longstanding internal views as events appeared to disprove many traditional economic orthodoxies.

Christine Lagarde, IMF managing director, said a successor to Mr Blanchard would be sought immediately to ensure a smooth transition. The 66-year-old will leave the fund at the end of September.

Blanchard joined the IMF in September 2008, pledging to improve the quality of its research